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“COVID-19: Message from the Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami to Taxpayers” As our key stakeholder, please note that while our offices remain open, we have taken concrete steps to support you during these challenging times, whilst minimizing any disruption to tax administration and taxpayer services.
“FIRS extends tax debt payments to August 31st . The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31st, 2020.” Mr. Nami added: Taxpayers are advised to note that there will be no further extension of this palliative measure.
“FIRS AEOI-CRS IS LIVE.” Federal Inland Revenue Service (FIRS) has launched an AEOI-CRS (automatic exchange of information-common reporting standard) portal for the use of financial institutions in the country. Executive Chairman, FIRS, Muhammad Nami called on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal
The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Board (LIRS) signed a Memorandum of Understanding (MOU) on the 6th of February, 2023 to enhance cooperation and collaboration in tax administration. Some areas of cooperation in the MOU include: exchange of information and intelligence to identify potential tax defaulters, joint enforcement activities, capacity building initiatives and the development of technological solutions to streamline tax processes. This collaboration aims to optimize tax collection efforts, reduce overlapping tax assessments and enhance the overall efficiency and effectiveness of tax administration in Lagos State and Nigeria.
The Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Majesty’s Revenue and Customs (HMRC) signed a Memorandum of Understanding (MOU) to strengthen cooperation and information sharing in tax matters on March 16, 2023. This partnership is aimed at combating tax evasion, promote tax transparency and enhance tax administration between the two tax authorities. Areas of collaboration include exchange of tax information, mutual assistance in tax collection, capacity building and joint initiatives to tackle cross-border tax evasion and avoidance. The agreement enables FIRS and HMRC to share information on taxpayers, facilitate the detection of tax irregularities and support the proper enforcement of tax laws.
The Organization for Economic Cooperation and Development (OECD) and Nigeria engaged in discussions from April 5 – April 6 2023, where they explored ways of maximizing the benefits of the two-pillar tax solution.
The Two-Pillar Solution, a proposal by the OECD Inclusive Framework, is a set of proposed rules, endorsed by 138 countries across the world as a uniform solution to the tax challenges of the digitalized economy, as well as Base Erosion and Profit Shifting.
The Federal Inland Revenue Service (FIRS) collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history. A breakdown of the N10.1 trillion naira generated shows that non-oil taxes contributed (N5.96 trillion) 59 per cent of the total collection in the year, while oil tax collection stood at (N4.09 trillion) 41 per cent of total collection. Companies Income tax contributed N2.83 trillion, value-added tax N2.51 trillion, electronic money transfer levies N125.67 billion and earmarked taxes N353.69 billion. The N10.1 trillion collected is exclusive of tax waived on account of various tax incentives granted under the respective laws, which amounted to N1.8 trillion.
Mr. Muhammad Nami, the Executive Chairman of the FIRS hailed this notable achievement whilst giving a report of the collection. He was quoted as saying “the feat was made possible through dogged implementation of strategic reforms over the past two years; a renewed commitment by officers of the service, accompanied with a boosted morale”.
Nigeria has renewed its call on the United Nations and the international tax community to forge an inclusive, equitable, fair and universally beneficial international tax system towards the attainment of the 2030 Sustainable Developmental Goals (SDGs). Executive Chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, made the call, while delivering Nigeria’s statement at the Economic and Social Council (ECOSOC) Special Meeting on International Cooperation in tax matters.
As at 2021, Nigeria’s tax-to-GDP ratio is now reported to be 10.86%. The tax-to-GDP ration is a measure that indicates the level of tax revenue collected by a country in relation to its Gross Domestic Product (GDP). It provides insights into the size and efficiency of a country’s tax system. The new ratio was communicated to the Federal Inland Revenue Service (FIRS), via a letter signed by the Statistician- General of the Federation, Prince Adeyemi Adeniran, on the 25th of May, 2023, following a joint review by the Nigerian Bureau of Statistics (NBS), in collaboration with the Ministry of Finance and the FIRS, using data from 2010 to 2021. The revision took into account revenue items hitherto not previously included in the computations; particularly, relevant revenue collected by other agencies of government.
The FIRS’s Customer Care Policy is a commitment to set standards for excellent service delivery to taxpayers, customers and stakeholders in accordance with the provisions of the FIRS’s integrated charter and service improvement plans.
The FIRS commits to uphold professionalism, integrity, efficiency and take collective responsibility in ensuring that it provides efficient and effective service to support taxpayers, customers and stakeholders in the discharge of their responsibilities and/or as they undertake business with the Service.
The Federal Inland Revenue Service (FIRS) has announced a total tax revenue collection of N5.5 trillion for the half-year period of January to June 2023. This is the highest tax revenue collection ever recorded by the Service in any first six months of a fiscal year.
Tax revenue collected from the oil sector from January to June 2023, stood at N1.73 trillion, as against a target of N2.3 trillion; while non-oil tax collection stood at N3.76 trillion, as against a target of N2.98 trillion.
The Service also collected a total of N1.65 trillion tax revenues in June 2023. This sum is the highest tax revenue collected by the Service in any single month.
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